GST is 'Brahmastra' for country: Assocham

"GST is a Brahmastra for the country. Actually, we need to have a simple platform to move goods within India than we move goods outside the country," Assocham president Sunil Kanoria told.PTI | July 12, 2016, 19:16 IST

CHENNAI: Terming the Goods and Services Tax Bill "Brahmastra" for the country, industry body Assocham today said the country needs to have a simple platform to move goods within states.

"GST is a Brahmastra for the country. Actually, we need to have a simple platform to move goods within India than we move goods outside the country," Assocham president Sunil Kanoria told reporters here.

Stating that the present movement of goods within the country involves multiple processes, he said "it is more difficult to move trade within the country than moving it externally (outside India)".

"We believe GST is possible and expect it to be passed during the monsoon session of Parliament. To the Tamil Nadu government, we will appeal to support the GST," he said.

Madras Chambers of Commerce and Industry president S G Prabhakaran said Tamil Nadu is not only a manufacturing state but also a consuming one, when compared to other states.

"It (GST Bill) will have a multiplier effect across states in the country. It is our endeavour to seek Tamil Nadu government to support it (GST)," he said.

After releasing the 'Action Agenda for the New Government,' prepared by Assocham and the Ministry of Commerce and Industry, Kanoria said, Tamil Nadu has the potential to create 90 lakh new jobs and can attract investments worth Rs 22 lakh crore.

"Eradication of poverty and illiteracy, improving standard of living, reducing gender and regional inequality and improving the infrastructure are key areas that need to be focused on by the new government to drive the state towards a new growth strategy," the report said.

Between 2006-07 and 2015-16, Tamil Nadu has been growing at a compounded annual growth rate of about 16 per cent and had attracted investments of Rs 11 lakh crore, it said.

Noting that agriculture is pursued by about 40 per cent of the State's total population, the report said this sector grew by only three per cent since 1993-94 and the state government should look at doubling the growth of agriculture output.

The report said there was a need to revive sectors like textile, garments and leather as they comprise large number of small scale industries.

“A divorce could reshape the global wealth ranking. If the couple split their fortune equally, it could leave wife MacKenzie with $69 billion, making her world’s richest woman. It could also make Microsoft's Bill Gates the planet’s richest person once again,” reported Bloomberg. Amazon founder Bezos was dating Lauren Sanchez, a 49-year-old ex-news anchor.